Shift in Focus toward Convenient and Instantly-Processed Food Is Expected To Reflect Attractive Near-Term Opportunities for Market Players
United States, Rockville MD, July 27, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global food binders market is estimated at US$ 7.4 billion in 2022 and is expected to expand at a CAGR of 4.6% during the forecast years of 2022-2032. Due to busy lifestyles, consumers prefer the consumption of fast food, which has food binders in them. This is a major factor anticipated to support the growth of food binders market over the coming years.
Food binders improve the mass and amount of food without providing any additional nourishment. Owing to government standards and safety requirements in end-user applications, key manufacturers are focusing on providing high-quality and standardized food binders for consumer safety. Assured product quality and less associated risks will boost the adoption of food binders in the market.
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Use of food binders have increased significantly due to the rising emergence of speciality diets such as vegan and keto, as well as problems associated due to diets rich in cholesterol and protein. Food binders add firmness, volume, texture, and flavour to various products. The application of these binders in the food industry is increasing at a rapid pace across geographies.
Moreover, increased government funding for sustainable products and the gradual shift from non-vegetarian diets to a more sustainable vegetarian diet are creating a great opportunity for food binder suppliers. Also, the characteristics of food binders such as improving the texture, volume, and juiciness of food are a major reason for their popularity among consumers and in the food industry.
Will the Huge Demand for Fast Food in the U.S. Drive Demand for Food Binders?
The United States food binders market is currently worth US$ 1.1 billion and is expected to reach US$ 1.7 billion by 2032.
Rise of household income levels and the expansion of fast food chains have primarily driven market expansion in the country. The U.S. is recognized as the largest market for snacks, which need food binders as a binding agent. It is a well-known market for food binders owing to rising fast food consumption and changing lifestyles among the high number of younger individuals in the country.
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Key Segments Covered in the Food Binders Industry Survey
Despite a challenging state of the economy, the competitive landscape in the market for food binders still exhibits expansion. Key market players are Meron, Kellogg NA Co. and New Wave Foods.
Food binder manufacturers are making efforts to increase their customer base by focusing on the production of market-specific requirements. Food binders’ rising popularity has encouraged firms to make significant R&D investments to develop new products.
Companies are also forming strategic partnerships through mergers and acquisitions, joint ventures, capacity expansion, and other means to incorporate technology and increase their production capacity to meet the needs of a steadily expanding industry.
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Key players in the Food Binders Market
Key Takeaways from Food Binders Market Study
By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
Globally, North America accounted for over 33.5% of revenue in 2022.
Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
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